COMMONWEALTH OF PENNSYLVANIA

TREASURY DEPARTMENT

INVEST PROGRAM

FOR LOCAL GOVERNMENTS AND NON-PROFITS

Annual Report for the Period

January 1, 2018 – December 31, 2018

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Introduction The following report provides an overview of the Pennsylvania Treasury Department’s INVEST Program including the objectives, policies, and risks associated with the Program. In addition, performance results for the INVEST Daily and INVEST Community portfolios are included herein for the twelve month period beginning January 1, 2018 through December 31, 2018. Program Overview The powers and duties of the Treasurer and Treasury are delineated for the most part in the Pennsylvania Fiscal Code and include the deposit, investment, and safekeeping of the money and securities belonging to the Commonwealth of Pennsylvania. Treasury manages and invests money that exceeds the ordinary operational needs of the Commonwealth. Treasury also possesses the investment authority for money derived from other specialized Treasury programs, including the Pennsylvania Treasury INVEST Program, which is designed for local governments and non-profit organizations. The INVEST Program currently consists of two Standard & Poor’s rated pools, the Local Government Pool (INVEST Daily) and the Community Pool (INVEST Community). The Local Government Pool consists of a single portfolio and is available to all governmental entities including: counties, cities, boroughs, incorporated towns, townships, school districts, other units of government, authorities, boards, and commissions. The Community Pool also consists of a single portfolio and is available to non-governmental entities including but not limited to: colleges, community colleges and universities, hospitals, libraries, and fire companies. In addition to the above rated pools, Treasury also offers non-rated custom pools to meet the unique needs or circumstances of specific governmental and community participants. There were ten custom pools as of December 31, 2018 with a market value of nearly $21 million. The pools were comprised solely of domestic certificates of deposit. Investment Objectives and Policies The INVEST Program is administered by the Pennsylvania Treasury Department in strict accordance with investment criteria prescribed by state law, local ordinance and the Treasury Investment Policy. In addition, rated pools are further restricted to investments that also satisfy criteria established by Standard & Poor’s. Treasury’s objective is to maintain the highest possible investment rating for the INVEST Daily and INVEST Community Pools. Each pool is rated “AAAm”, the highest stable principle fund

INVEST PROGRAM 2018 ANNUAL REPORT

2

rating assigned by Standard & Poor’s. This rating signifies the pool’s extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk. When evaluating a local government investment pool, Standard & Poor’s analysis focuses primarily on the creditworthiness of the fund’s investments and counterparties, and also its investments’ maturity structure and management’s ability and policies to maintain the fund’s stable net asset value. Both the INVEST Daily and INVEST Community Pools seek to provide current income while maintaining liquidity and a stable net asset value per share (NAVPS) of $1.00. Each portfolio invests in short-term, high-quality, fixed income securities and is managed to ensure that the weighted average maturity does not exceed 60 days at any time. Effective September 1, 2016, Treasury, in accordance with Act 10, expanded its allowable investments to include commercial paper and negotiable certificates of deposit. As of December 31, 2018, the NAVPS of INVEST Daily and INVEST Community was $1.00 (1) and the average life of each portfolio was 31 days and 32 days, respectively. Terms, Conditions and Fees The following chart summarizes the terms, conditions and fees applicable to the INVEST Program.

Service Daily Community Custom

Administrative Fee 11 Basis Points 11 Basis Points 6 Basis Points

Transaction Fee None None None

Transactions Unlimited Unlimited At Maturity

Balance Requirement None None As Per Specific Investment

Term Same Day Same Day Same Day or Designated Day

Accounts Unlimited Unlimited Unlimited

Deposits No Maximum No Minimum

No Maximum No Minimum $100,000 Minimum

Interest Calculated Daily Paid Monthly

Calculated Daily Paid Monthly Paid at Maturity

Transaction Confirmation Next Business Day Next Business Day Next Business Day

Statements Monthly Monthly Initial Deposit and Maturity

(1) $1 is defined as being any amount between $0.9985 and $1.0015.

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Program Oversight The Compliance Division within Treasury’s Bureau of Cash Management and Investments has implemented investment-monitoring procedures for the INVEST Program to ensure strict adherence to Treasury’s Investment Policy. In addition, the financial statements of the INVEST Program are audited annually by an independent Certified Public Accounting (CPA) firm and/or the Pennsylvania Department of the Auditor General. Furthermore, Treasury’s Investment Committee meets regularly to review the objectives and performance of the INVEST Program, as well as all other programs administered by the Department. The Investment Committee shall consist of the Treasurer; the Chief Investment Officer, who shall Chair meetings of the Committee; the Chief Counsel; and other persons whom the Treasurer may wish to appoint. Poolshare Summary The following chart reflects the combined monthly average and ending shareholder balances for the INVEST Program which includes INVEST Daily and INVEST Community. Fluctuations in shareholder balances represent net cash flows into or out of the Program.

500,000,000

550,000,000

600,000,000

650,000,000

700,000,000

750,000,000

800,000,000

850,000,000

900,000,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Avg. Monthly Balance Ending Monthly Balance

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On December 31, 2018, the INVEST Program was comprised of 460 participants, with 283 participants comprising the INVEST Daily Pool and 177 participants comprising the INVEST Community Pool. The illustration below displays the composition of Program shareholders based on December 31, 2018, participant assets. (3)

Authorities28%

Misc12%

School Districts16%

Cities10%

Counties24%

Library/Education4%

Townships3%

Boroughs1%

Conservation Districts

2% Fire/Rescue1%

(3) Associations and Museum/Historical participants comprise less than 1% of the total program and are not visible in the illustration above. Economic Review At the beginning of 2018, many feared the economic expansion was nearing its end as the expansion neared the longest in recent history. However, on the contrary, 2018 was a year of surprising growth and strong economic trends. Consumer confidence rose to record highs, inflation remained around 2.0%, and tax reform and deregulation allowed for unexpected growth in the U.S. economy. In fact, tax relief and deregulation aided capital expenditures, which, along with steady consumer spending, contributed to U.S. GDP growing 3.0% year-over-year. In the labor market, unemployment fell from 4.1% at the beginning of the year to 3.9% by year end. Further, in September and November, the unemployment rate declined to a 49-year low of 3.7%. In keeping with their dual mandate of full employment and price stability, the Federal Reserve raised the target federal funds rate four times over the course of the year (once each quarter) for a total increase of 100 basis points (1.00%). However, strong economic growth was somewhat clouded by the US government shutdown and ongoing international trade disputes. Between the escalating trade war with China and the new trade agreement among the United States, Mexico, and Canada (USMCA), the policy uncertainty created hesitation surrounding global trade. As tariff talks, both threatened and implemented, continued to dominate headlines, trade between the U.S. and China increasingly began to strain.

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Additionally, with the weight of four Fed rate increases, and, at the time, guidance for two more increases in 2019, the market grappled with the future path of the economy. In the fourth quarter, these downside risk factors manifested in the markets as stock market weakness, tightening credit conditions, and increased debate over future Fed policy. Global growth began to soften in the final months of 2018. This year growth was lower than expected ending at 3.7% and is expected to continue this pattern in 2019. Due to the anticipated tariff escalation between the U.S. and China, equity valuations have been pared back with diminished optimism about earnings prospects. Volatile oil prices beginning in August also showed the softening in global demand. The concerns about lower oil prices has been reflected in credit spreads widening for U.S. corporate bonds. Looking forward into 2019, the world and domestic economies will likely continue this decelerating trend. Weakness at the end of 2018 leaves low expected growth for the next year. This is mostly contingent upon future tariffs and how those will affect global trade moving forward. Investment Strategy Rates continued to rise in 2018 with the Federal Reserve (Fed) increasing the Federal funds target range four times over the course of the year. The year began at a range of 125 to 150 basis points and ended with a range of 225 to 250 basis points. This is the highest the Federal funds target range has been since January of 2008, before one of the worst recessions in U.S. history. In order to take advantage of the Fed’s interest rate increases, the portfolio was strategically positioned ahead of each expected rate hike by allowing the weighted average maturity of the portfolios to drift shorter ahead of Fed meetings where a rate increase was expected and portfolio weighted average maturities were subsequently extended after each respective rate increase. This allowed the yield of the portfolios to quickly adjust to new market levels. With the upward trend in rates, floating rate securities were an important component of the year’s investment strategy with coupon rates resetting higher as the year progressed. Treasury’s strategy in managing the assets of the INVEST Program is safety, liquidity, compliance with policies and regulations, and yield, in that order. In order to maintain safety, the program invested in the highest quality money market securities permitted by the Investment Policy Statement in conjunction with guidance provided by PNC Capital Advisors. Liquidity is maintained by analyzing participant cash flows and allocating to and holding a large portion of assets in overnight securities and those with active secondary markets. Compliance is adhered to by following the dictates of Standard & Poor’s to maintain the portfolios AAAm rating. Yield is optimized by carefully evaluating and scrutinizing investment options for the best possible returns available within approved parameters. Going forward, with the Federal Reserve on pause, the management of the portfolios’ weighted average maturities will be of less importance and investment strategies will focus on analyzing and adding individual securities that add value to the portfolio.

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Asset Distribution The following chart reflects the month-end asset class distribution of the INVEST Program, in percentage terms, for the period January 1, 2018 to December 31, 2018.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

US Govt Agencies Money Market Funds Certificates of Deposit

World Bank Commercial Paper

Credit Risk The INVEST Program addresses credit risk by limiting allowable investments to high-quality, fixed income securities. As such, Program investments are limited to those securities carrying the highest credit quality rating assigned by Standard and Poor’s; A1+ or A1 for short-term obligations. These ratings signify that the obligor’s capacity to meet its financial commitment on the obligations is extremely strong. In addition, non-rated Pennsylvania certificates of deposit are permitted but must be fully collateralized as to the principal amount plus any accrued interest for any amount above FDIC insurance. On average, over 98% of the securities in the INVEST Daily and INVEST Community portfolios were rated A1+ for the time period of January 1, 2018 through December 31, 2018.

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Dividend Distributions Each portfolio’s dividends are computed and accrued daily. Dividends, comprised of interest income and capital gains, are distributed on the first business day of every month and are either automatically reinvested or distributed as cash depending upon the participants’ election. For the calendar year ended December 31, 2018, dividends distributed to INVEST Daily and INVEST Community shareholders totaled $13,461,470 and $795,430 respectively. Yield Summary The daily yield of the portfolios represents the annualized daily return (without regard to compounding), including current interest accrued, accretion of discount or amortization of premium, plus realized capital gains, less realized capital losses, rounded to the nearest 0.001 percentage point. For the twelve month period ended December 31, 2018, the INVEST Daily portfolio was compared to the Pennsylvania Local Government Investment Trust (“PLGIT”), managed by PFM Asset Management LLC and the Pennsylvania School District Liquid Asset Fund Max Series (“PSDMAX”), administered by PMA Financial Network. The INVEST Community Portfolio was compared to the S&P GIP Index/All, formerly known as the S&P LGIP Index. The index is a performance indicator of AAA & AA rated GIPs that maintain a stable net asset value of $1.00 per share. This index, which has a price reset every Friday, provides a simple seven day net average The following chart summarizes average annualized net yield information for the INVEST Daily and INVEST Community Pools versus their private sector peers. Comparative data was obtained directly from the respective institutions.

YIELD SUMMARY TABLE 2018 Average Annualized Yield

INVEST Daily PLGIT PSDMAX PLGIT Prime (7 day avg.)*

1.899% 1.613% 1.584%

1.959%

INVEST Community S&P GIP Index/All

1.892% 1.840%

∗ A variable rate investment portfolio. This web-based option requires no minimum balance and no minimum

initial investment. This option limits redemptions or exchanges to two per calendar month. For the twelve month period ended December 31, 2018, the INVEST Daily portfolio outperformed PLGIT and PSDMAX by 28.6 basis points and 31.5 basis points respectively. The INVEST Community portfolio outperformed the S&P GIP Index/All (7-day net avg.) by 5.2 basis points.

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Performance Summary The data contained below represents past performance, which cannot be used to predict future returns that may be achieved by the portfolios. Note that annual returns can and will fluctuate. An investment in the INVEST Program is neither insured nor guaranteed by the U.S. Government, or by the Commonwealth of Pennsylvania, and there is no assurance that the fund will be able to maintain a stable net asset value of $1.00 per share. For the year ended December 31, 2018, the net returns of the INVEST Daily and INVEST Community portfolios each exceeded their assigned benchmark, the ICE Bank of America Merrill Lynch 3-month US Treasury Bill Index, by at least 15 basis points. Additional performance information for the portfolios versus their assigned benchmark is reflected below.

PERFORMANCE SUMMARY TABLE

1 Month Return

3 Month Return

1 Year Return

INVEST Daily 0.206% 0.585% 2.035% INVEST Community 0.210% 0.588% 2.025% ICE BofAML 91-day T-Bill 0.184% 0.563% 1.875%

Statements of Net Assets The following Statements of Net Assets provide a detailed listing of the INVEST Daily and INVEST Community portfolio holdings as of December 31, 2018, including each security’s maturity date, coupon rate (if applicable), and statement-date amortized value. Securities are grouped and sub-totaled by instrument type. The amortized value column includes accrued interest. Other assets are added to, and liabilities are subtracted from, the value of the portfolio’s total investments to calculate the portfolio’s net assets. Finally, net assets are divided by outstanding shares of each portfolio, arriving at the share price, or net asset value per share. Each portfolio’s objective is to maintain a constant NAVPS of $1.00. The INVEST Daily and INVEST Community portfolios invest in short-term debt instruments issued by the U.S. Government or its agencies, commercial paper, and other short-term debt instruments (including Buy/Sell Repurchase Agreements) of selected companies. The issuers' abilities to meet their obligations may be affected by economic developments in such industries. 1. The following Generally Accepted Accounting Principles are applicable to the portfolios.

The financial statements are prepared in accordance with these principles: A. Security Valuation: Securities are valued at amortized cost, which approximates

market value. B. Other: Security transactions are accounted for on the date the securities are purchased

or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold. Discounts and premiums are accreted and amortized, respectively, to interest income over the lives of the respective securities. Distributions from net investment income are declared daily and paid on the first business day of the following month.

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C. Buy/Sell Repurchase Agreements: All Repurchase Agreements held by these portfolios are secured by U.S. Government Obligations and/or Government National Mortgage Association Obligations, which have explicit full faith and credit from the United States Government. Securities pledged as collateral for Buy/Sell Repurchase Agreements are held by a third party custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover 102% of payments of interest and principal; however, in the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings.

2. All short-term local government investment Funds are subject to income and manager risk,

as well as the risk of rating changes. The following Statements of Net Assets were prepared by The Nottingham Company and are unaudited. Slight differences in totals and percentages may be noted due to rounding.

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Shares or Coupon Maturity Principal Rate Date Value Cusip

FEDERAL AGENCY OBLIGATIONS - 2.27%

Federal Farm Credit Bank 5,000,000 0.000% 5/16/2019 4,956,875$ 313312FR6Federal Home Loan Bank 5,500,000 2.250% 4/26/2019 5,500,000 3130AE6P0Federal Home Loan Bank 5,000,000 2.400% 10/11/2019 5,000,000 3130AEXP0

Total Federal Agency Obligations (Cost $15,456,875) 15,456,875

PRIVATE PLACEMENT BONDS - 1.87%

ACNB Bank 900,000 1.750% 1/1/2050 900,000 999K31897Ameriserv Financial Bank 900,000 1.750% 1/1/2050 900,000 999K47588BB&T Money Market 900,000 1.750% 1/1/2050 900,000 999K51127Centric Bank 900,000 1.750% 1/1/2050 900,000 99VVA9Z77Dime Bank Money Market 900,000 1.750% 1/1/2050 900,000 999J23780DNB Bank First 900,000 1.750% 1/1/2050 900,000 999J25165FNB of PA 900,000 1.750% 1/1/2050 900,000 999G88185Kish Bank Money Market 900,000 1.750% 1/1/2050 900,000 999J24077Meridian Bank 900,000 1.750% 1/1/2050 900,000 999G58782Mid Penn Bank 900,000 1.750% 1/1/2050 900,000 999J12007NexTier Bank Money Market 900,000 1.750% 1/1/2050 900,000 999J24127Orrstown Bank 900,000 1.750% 1/1/2050 900,000 999K47596Team Capital Deposit Account 900,000 1.750% 1/1/2050 900,000 999G46761Univest Bank 1,000,000 1.750% 1/1/2050 1,000,000 99VVBFYG3

Total Private Placement Bonds (Cost $12,700,000) 12,700,000

FEDERALLY INSURED CASH - 4.10%Federally Insured Cash Account 27,935,133 1.000% 1/12050 27,935,133 999G36986

Total Federally Insured Cash (Cost $27,935,133) 27,935,133

CERTIFICATES OF DEPOSIT - 16.67%Australia & New Zealand Banking Group 15,000,000 2.350% 2/8/2019 15,000,000 05252WPL1Australia & New Zealand Banking Group 10,000,000 2.660% 3/7/2019 10,000,000 05252WQB2Dexia Credit - NY Branch 15,000,000 2.684% 7/26/2019 15,000,000 25215FEG5Nordea Bank Finland NY 10,000,000 2.380% 2/11/2019 10,000,000 65590AB96Nordea Bank Finland NY 10,000,000 2.470% 2/12/2019 10,000,000 65590AWL6Oversea-Chinese Banking Corp. 8,000,000 2.450% 1/17/2019 8,000,000 69033MCM7Royal Bank Of Canada 11,000,000 2.944% 3/22/2019 11,003,004 78012UDP7Svenska Handels Banker New York 10,000,000 2.650% 5/6/2019 10,000,000 86958JE96Toronto Dominion Bank 7,000,000 2.600% 2/14/2019 7,000,000 89114MQM2Toronto Dominion Bank 10,000,000 2.520% 2/14/2019 10,000,000 89114MLQ8Westpac Banking Corporation 5,000,000 2.040% 1/4/2019 5,000,000 96121T5X2Westpac Banking Corporation 2,500,000 2.250% 1/31/2019 2,500,000 96121T6R4

Total Certificates of Deposit (Cost $113,503,004) 113,503,004

Pennsylvania Treasurer's INVEST Program for Local Governments

December 31, 2018

INVEST Daily Portfolio

11

Shares or Coupon Maturity Principal Rate Date Value Cusip

COMMERCIAL PAPER - 24.83%

Australia & New Zealand Banking Group 5,000,000$ 0.000% 6/3/2019 4,944,750$ 05253CT30Bedford Row Funding Corp. 7,500,000 0.000% 2/6/2019 7,481,775 07644BP63Bedford Row Funding Corp. 7,500,000 0.000% 2/12/2019 7,479,000 07644BPC0Bedford Row Funding Corp. 12,670,000 0.000% 2/20/2019 12,623,716 07644BPL0CME Group, Inc. 10,000,000 0.000% 1/3/2019 9,998,622 12572KN38Dexia Credit - NY Branch 5,000,000 2.500% 2/15/2019 5,000,000 25215FDH4Erste Abwicklungsanstalt 1,600,000 0.000% 2/28/2019 1,593,040 29604DPU8HSBC Bank LLC 2,500,000 0.000% 4/18/2019 2,480,383 40433HRJ6Kells Funding LLC 1,000,000 0.000% 2/8/2019 997,150 48803MLQ0Kells Funding LLC 5,000,000 0.000% 2/11/2019 4,984,796 48802TE68Kells Funding LLC 5,000,000 0.000% 2/13/2019 4,984,532 48803MLD9Kells Funding LLC 10,000,000 0.000% 2/15/2019 9,969,500 48803MKY4Kells Funding LLC 5,000,000 0.000% 2/15/2019 4,984,437 48803MKZ1Kells Funding LLC 5,000,000 0.000% 4/9/2019 4,964,611 48802W6H6Met Life Short-Term Funding LLC 2,000,000 0.000% 1/14/2019 1,998,194 59157UNE6National Australia Bank 8,500,000 0.000% 5/6/2019 8,426,215 63254FS65Old Line Funding LLC 5,000,000 0.000% 2/4/2019 4,988,525 67984WKM9Old Line Funding LLC 7,500,000 0.000% 2/6/2019 7,480,275 67985ABE4Old Line Funding LLC 2,500,000 0.000% 2/25/2019 2,489,993 67984WKR8Old Line Funding LLC 15,000,000 0.000% 4/15/2019 14,887,333 67983URF2Oversea-Chinese Banking Corp. 9,000,000 0.000% 4/4/2019 8,940,015 69034BR44Svenska Handels Banker New York 4,050,000 0.000% 2/8/2019 4,038,885 86960KP89The Procter & Gamble Company 11,000,000 0.000% 2/11/2019 10,968,681 74271UPB0Toyota Motor Credit Corp. 15,000,000 0.000% 1/30/2019 14,969,792 89233HNW0United Overseas Bank 5,000,000 0.000% 2/25/2019 4,979,986 91127QPR4WalMart, Inc. 2,370,000 0.000% 1/28/2019 2,365,556 93114FNU4

Total Commercial Paper (Cost $169,019,762) 169,019,762

CORPORATE BONDS - 12.04%

National Australia Bank 20,000,000 2.635% 7/17/2019 20,000,000 63253TR26Royal Bank of Canada 4,000,000 2.470% 3/4/2019 4,000,000 78012UGM1Royal Bank of Canada 15,000,000 2.660% 5/3/2019 15,000,000 78012UDN2Svenska Handels Banker New York 13,000,000 2.509% 7/2/2019 13,000,000 86958JU80Toronto Dominion Bank 10,000,000 2.637% 7/23/2019 10,000,000 89114MJV0Westpac Banking Corp. 20,000,000 2.589% 10/22/2019 20,000,000 96130AAJ7

Total Corporate Bonds (Cost $82,000,000) 82,000,000

INVEST Daily Portfolio

December 31, 2018

Pennsylvania Treasurer's INVEST Program for Local Governments

12

Shares or CouponPrincipal Rate Value Cusip

MONEY MARKET FUNDS - 38.12%BlackRock Liquidity Funds TempFund

Portfolio 9,122,932$ 2.403% 9,122,932$ 09248U700BlackRock Liquidity Funds TempFund

Portfolio 31,438,839 2.603% 31,450,500 09248U619Deutsche Government Money Market Serie 31,933,261 2.480% 31,933,261 25160K207Dreyfus Institutional Preferred Government

Money Market Fund 18,973,277 2.640% 18,973,277 26200X209Dreyfus Treasury and Agency Cash

Management 7,445,321 2.534% 7,445,321 261908107Federated Institutional Prime Obligations

Fund 27,527,869 2.660% 27,535,027 60934N203First American Prime Obligations Fund 11,385,771 2.518% 11,385,771 31846V625Goldman Sachs Financial Square Funds -

Government Fund 19,017,457 2.521% 19,017,457 38141W273Goldman Sachs Financial Square Funds -

Treasury Fund 5,181,844 2.235% 5,181,844 38142B880Goldman Sachs Financial Square Money

Market Fund 32,096,186 2.654% 32,099,505 38141W232Goldman Sachs Financial Square

Prime Obligations Fund 24,995,001 2.639% 25,000,000 38141W364HSBC US Government Money Market Fund 32,201,015 2.544% 32,201,015 40428X107Invesco Government & Agency Portfolio 849,243 2.479% 849,243 825252885Invesco Liquid Assets Portfolio 2,291,980 2.569% 2,292,438 825252729Morgan Stanley Institutional Liquidity Funds

Prime Portfolio 4,998,001 2.683% 5,000,000 61747C715

Total Money Market Funds (Cost $259,487,591) 259,487,591

Total Value of Investments (Cost $680,102,365) - 99.90% 680,102,365$

Other Assets less Liabilities - 0.10% 660,879

Net Assets (100%) 680,763,244$

Applicable to 680,763,244 outstanding shares of beneficial interest

Net Asset Value Per Share 1.00$

INVEST Daily Portfolio

Pennsylvania Treasurer's INVEST Program for Local Governments

December 31, 2018

13

Shares or Coupon Maturity Principal Rate Date Value Cusip

FEDERAL AGENCY OBLIGATIONS - 3.73%

Federal Home Loan Bank 1,000,000$ 2.250% 4/26/2019 1,000,000$ 3130AE6P0Federal Home Loan Bank 750,000 2.400% 10/11/2019 750,000 3130AEXP0

Total Federal Agency Obligations (Cost $1,750,000) 1,750,000

FEDERALLY INSURED CASH - 6.62%

Federally Insured Cash Account 3,107,009 2.270% 1/1/2050 3,107,009 999G36986

Total Federally Insured Cash (Cost $3,107,009) 3,107,009

CORPORATE BONDS - 11.71%National Australia Bank 1,000,000 2.635% 7/17/2019 1,000,000 63253TR26Royal Bank of Canada 500,000 2.470% 3/4/2019 500,000 78012UGM1Svenska Handels Banker New York 1,000,000 2.509% 7/2/2019 1,000,000 86958JU80Toronto Dominion Bank 1,500,000 2.637% 7/23/2019 1,500,000 89114MJV0Westpac Banking Corp. 1,500,000 2.589% 10/22/2019 1,500,000 96130AAJ7

Total Corporate Bonds (Cost $5,500,000) 5,500,000

CERTIFICATES OF DEPOSIT - 17.02%Australia & New Zealand Banking Group 1,000,000 2.350% 2/8/2019 1,000,000 05252WPL1Australia & New Zealand Banking Group 1,000,000 2.660% 3/7/2019 1,000,000 05252WQB2Dexia Credit, New York 1,000,000 2.684% 7/26/2019 1,000,000 25215FEG5Nordea Bank Finland, New York 500,000 2.380% 2/11/2019 500,000 65590AB96Nordea Bank Finland, New York 500,000 2.470% 2/12/2019 500,000 65590AWL6Oversea-Chinese Banking Corp. 500,000 2.450% 1/17/2019 500,000 69033MCM7Royal Bank Of Canada 1,000,000 2.944% 3/22/2019 1,000,273 78012UDP7Svenska Handels Banker New York 1,000,000 2.650% 5/6/2019 1,000,000 86958JE96Toronto Dominion Bank 500,000 2.600% 2/14/2019 500,000 89114MQM2Westpac Banking Corporation 500,000 2.040% 1/4/2019 500,000 96121T5X2Westpac Banking Corporation 500,000 2.120% 1/18/2019 500,000 96121T6B9

Total Certificates of Deposit (Cost $8,000,273) 8,000,273

COMMERCIAL PAPER - 25.23%Bedford Row Funding Corp. 500,000 0.000% 2/6/2019 498,785 07644BP63Bedford Row Funding Corp. 500,000 0.000% 2/12/2019 498,600 07644BPC0Bedford Row Funding Corp. 1,000,000 0.000% 2/20/2019 996,333 07644BPL0CME Group, Inc. 1,000,000 0.000% 1/3/2019 999,862 12572KN38Dexia Credit, New York 500,000 2.500% 2/15/2019 500,000 25215FDH4Kells Funding LLC 2,000,000 0.000% 2/15/2019 1,993,900 48803MKY4National Australia Bank 1,000,000 0.000% 5/6/2019 991,319 63254FS65Old Line Funding LLC 1,000,000 0.000% 4/15/2019 992,489 67983URF2Old Line Funding LLC 1,000,000 0.000% 2/4/2019 997,705 67984WKM9Oversea-Chinese Banking Corp. 2,000,000 0.000% 4/4/2019 1,986,670 69034BR44Pfizer, Inc. 400,000 0.000% 3/11/2019 398,007 71708FQB1Toyota Motor Credit Corp. 1,000,000 0.000% 1/30/2019 997,986 89233HNW0

Total Commercial Paper (Cost $11,851,656) 11,851,656

Pennsylvania Treasurer's INVEST Program for Local Governments

December 31, 2018

INVEST Community Portfolio

14

Shares or CouponPrincipal Rate Value Cusip

MONEY MARKET FUNDS - 35.59%

Deutsche Government Money Market Series 1,672,339$ 2.480% 1,672,339$ 25160K207Dreyfus Institutional Preferred Government

Money Market Fund 521,196 2.640% 521,196 26200X209Dreyfus Treasury & Agency Cash Management -

Institutional Shares 93,011 2.534% 93,011 261908107Federated Institutional Prime Obligations Fun 2,304,284 2.660% 2,304,875 60934N203Goldman Sachs Financial Square Money

Market Fund 2,311,154 2.654% 2,311,545 38141W232Goldman Sachs Financial Square Prime

Obligations Fund 2,299,565 2.640% 2,300,010 38141W364GS Financial Square Government Fund 275,499 2.521% 275,499 38141W273HSBC US Government Money Market Fund 1,791,276 2.544% 1,791,276 40428X107Invesco Government & Agency Portfolio 28,683 2.476% 28,683 825252885Invesco Liquid Assets Portfolio 1,799,460 2.569% 1,800,000 825252729JP Morgan Prime Money Market Fund 1,549,535 2.580% 1,550,000 4812A0367Morgan Stanley Institutional Liquidity Funds -

Prime Portfolio 2,063,379 2.683% 2,064,411 61747C715

Total Money Market Funds (Cost $16,712,845) 16,712,845

Total Value of Investments (Cost $46,921,783) - 99.90% 46,921,783$

Other Assets less Liabilities - 0.10% 44,414

NET ASSETS (100%) 46,966,197$

Applicable to 46,966,197 outstanding shares of beneficial interest

NET ASSET VALUE PER SHARE 1.00$

INVEST Community Portfolio

Pennsylvania Treasurer's INVEST Program for Local Governments

December 31, 2018